Jyoti CNC Automation Ltd Auditor Reports

To,

The Members of Jyoti CNC Automation Limited

OPINION

We have audited the accompanying Standalone Financial Statements of Jyoti CNC Automation Limited ("the Company") which comprise the Balance Sheet as at 31st March, 2024, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year then ended, and notes to the Standalone Financial Statements, including a summary of significant accounting policies and other explanatory information (hereinafter referred to as financial statements).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2024, the profit and total comprehensive income, changes in equity and its cash flows for the year ended on that date.

BASIS FOR OPINION

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matter	Response to Key Audit Matter
Accuracy of recognition, measurement, presentation and disclosures of revenues and other related balances in respect of "Revenue from contracts with Customers" under Ind AS 115.	Our audit approach consisted testing of the design and operating effectiveness of internal controls and procedures as follows:
The application of this revenue accounting standard involves certain key judgments relating to identification of distinct performance obligations, determination of transaction price of identified performance obligations, the appropriateness of the basis used to measure revenue recognised over a period, and disclosures including presentations of balances in the financial statements.	• Evaluated the effectiveness of controls over the preparation of information that are designed to ensure the completeness and accuracy.
Estimated efforts is a critical estimate to determine revenue, as it requires consideration of progress of the contract, efforts incurred till date, efforts required to complete the remaining performance obligation.	• Selected a sample of existing continuing contracts and new contracts, and tested the operating effectiveness of the internal control, relating to identification of the distinct performance obligations and determination of transaction price.
	• Tested the relevant information, accounting systems and change relating to contracts and related information used in recording and disclosing revenue in accordance with Ind AS 115.
	• Reviewed a sample of contracts to identify possible delays in achieving milestones, which require change in estimated efforts to complete the remaining performance obligations.
	• Performed analytical procedures and test of details for reasonableness and other related material items.

EMPHASIS OF MATTER

Attention is invited to Note 45 of the accompanying standalone financial statements which indicates that the subsidiary company has accumulated losses and its net worth has been eroded. These conditions along with other matters set forth in Note 45, indicate the existence of material uncertainty that may impact the subsidiary companys ability to continue as a going concern. However, the financial statements of the subsidiary company have been prepared on going concern basis and accordingly carrying value investments, loans and other recoverable are not impaired and are considered good and recoverable for the reasons stated in the said Note.

Our opinion is not qualified in respect of this matter.

Information Other than the Standalone Financial Statements and Auditors Report Thereon

The Companys Board of Directors is responsible for the other information. The other information comprises the information included in the Companys annual report but does not include the standalone financial statements and our auditors report thereon.

Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Financial Statements

The Companys Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these Ins AS Standalone Financial Statements that gives a true and fair view of the financial position, financial performance including other comprehensive income, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Standalone Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Standalone Financial Statements, management is responsible for assessing the Companys ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the Companys financial reporting process.

Auditors Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the Standalone Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Standalone Financial Statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Standalone Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.

• Conclude on the appropriateness of managements use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Companys ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the Standalone Financial Statements, including the disclosures, and whether the Standalone Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements for the year ended March 31, 2024 and are therefore, the key audit matters. We describe these matters in our auditors report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditors Report) Order, 2020 ("the Order"), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the Annexure "A" a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

As required by Section 143(3) of the Act, we report that:

A. We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit;

B. In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books;

C. The Standalone Balance Sheet, the Standalone Statement of Profit and Loss (including Other Comprehensive Income), the Standalone Statement of Changes in Equity and the Standalone Cash Flow Statement dealt with by this Report are in agreement with the books of accounts;

D. In our opinion, the aforesaid Standalone Financial Statements comply with the Ind AS specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;

E. On the basis of the written representations received from the directors as on 31st March, 2024 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2024 from being appointed as a director in terms of Section 164 (2) of the Act.

F. With respect to the adequacy of the internal financial controls with reference to Standalone Financial Statements of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B".

G. In our opinion, the managerial remuneration for the year ended 31st March 2024 has been paid / provided by the Company to its directors in accordance with the provisions of section 197 read with Schedule V to the Act;

H. With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

• The Company has disclosed the impact of pending litigations on its financial position in its standalone financial statements Refer Note 36 Contingent Liabilities and Capital Commitments to the financial statements.

• The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

• There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

(A) The Management has represented that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entity ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

(B) The Management has represented, that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the Company from any person or entity, including foreign entity ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

(C) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.

I. The Company has not declared or paid any dividend during the year.

J. Based on our examination which included test checks, the Company has used accounting software for maintaining its books of account, which have a feature of recording audit trail (edit log) facility, which was enabled on 18-082024 for primary software used for recoding all the entries except for stock, which is recorded in secondary software which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the respective secondary software:

The audit trail (edit log) for the periods after the said date was enabled and operated throughout the year for the respective accounting software, we did not come across any instance of the audit trail feature being tampered with.

ANNEXURE A TO THE INDEPENDENT AUDITORS REPORT

(Referred to in Paragraph 2 under Report on Other Legal and Regulatory Requirements section of our report to the

Members of Jyoti CNC Automation Limited of even date)

To the best of our information and according to the explanations provided to us by the Company and the books of account and records examined by us in the normal course of audit, we state that:

I. In respect of the Companys Property, Plant and Equipment and Intangible Assets:

A. (A) The Company has maintained proper records showing full particulars including quantitative details and situation of Property, Plant and Equipment, and relevant details of right-of-use assets.

(B) The Company has maintained proper records showing full particulars of Intangible Assets.

B. According to information and explanations given to us, fixed assets have been physically verified by the management according to the regular programme of periodical verification in a phased manner, which in our opinion is reasonable having regard to the size of the Company and the nature of its fixed assets. No material discrepancies were noticed on such verification.

C. According to the books of account and other records produced before us, in respect of loans granted by the Company, the schedule of repayment of principal and payment of interest has been stipulated; further in respect of the Interest free loans to the employees the schedule of repayment of principal has been stipulated, the repayments or receipts are generally regular.

According to information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties (other than properties where the Company is the lessee and the lease agreements are duly executed in the favor of the lessee) are held in the name of the Company.

D. According to the information and explanations given to us, the Company has not revalued its property, plant and Equipment (including Right of Use assets) or intangible assets or both during the year. Accordingly, the requirements under paragraph 3(i)(d) of the Order are not applicable to the Company.

E. According to the information and explanations given to us, no proceeding has been initiated or pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988, as amended and rules made thereunder. Accordingly, the provisions stated in paragraph 3(i) (e) of the Order are not applicable to the Company.

II.

C. According to information and explanations given to us, the inventory has been physically verified by the management at reasonable intervals during the year. In our opinion, the frequency of verification is reasonable. The discrepancies noticed on physical verification of stock as compared to book records were not material and the same have been properly dealt with in the books of account.

D. During the year, the Company has been sanctioned i.e., renewed working capital limits in excess of ? 5 crore, in aggregate, from banks on the basis of security of current assets. According to the information and explanations given to us and the records of the Company examined by us, we report that when compared with the books of accounts, differences were noticed in the quarterly stock statements submitted to the banks. However, looking to the size and volume of the operations, the same are considered to be immaterial and hence no reporting is required.

III. According to the information and explanations given to us and on the basis of our examination of the records of the Company, during the year the Company has not stood guarantee, given any security or advance in nature of loans in companies, firms, limited liability partnership or any other parties. The Company has made investments and granted loans, to companies and other parties in respect of which the requisite information is as below.

A. Based on the audit procedures carried on by us and as per the information and explanations given to us, the Company has provided interest free loans to its employees aggregating to ? 29.86 millions. The employee loans outstanding as at year-end amounted to ? 35.75 millions. The company has made investments in equity of ? 606.22 millions in its wholly owned subsidiary viz. Jyoti SAS and the total investment in the said subsidiary as at 31st March, 2024 stood at ? 2,418.07 millions.

B. (b) According to the information and explanations given to us and based on the audit procedures performed by us, we are of the opinion that the terms and conditions in relation to investments made and grant of all loans are not prejudicial to the interest of the Company.

C. (c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, in the case of interest free loans given to employees, in our opinion the repayment of principal has been stipulated and the repayments or receipts have been regular. In respect of the interest-bearing loan given to subsidiary, there is no stipulation of repayment of principal or interest. Further, the Company has not given any advance in the nature of loan to any party during the year.

D. (d) According to the information and explanations given to us and on the basis of our examination of the records of the Company, there is no overdue amount for more than ninety days in respect of loans given. Further, the Company has not given any advances in the nature of loans to any party during the year.

E. (e) According to the information and explanations given to us and on the basis of our examination of the records of the Company, no loans granted by the Company which has fallen due during the year, has been renewed or extended or fresh loans granted to settle the over dues of existing loans given to the same parties.

F. (f) The Company has not granted any loans or advances in the nature of loans either repayable on demand or without specifying any terms or period of repayment during the year. Hence, reporting under clause 3(iii)(f) is not applicable.

IV. In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Section 185 and 186 of the Act, with respect to the loans and investments made.

V. According to information and explanations given to us, the Company has not accepted any deposits from the public within the meaning of the directives issued by the Reserve Bank of India, provisions of Section 73 to 76 of the Act, any other relevant provisions of the Act and the relevant rules framed thereunder. Accordingly, paragraph 3 (v) of the Order is not applicable to the Company.

VI. According to the information and explanations given to us, pursuant to the rules made by the Central Government of India, the Company is required to maintain cost records as specified under Section 148(1) of the Act in respect of its products. We have broadly reviewed the same and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the records with a view to determine whether they are accurate or complete.

VII. In respect of statutory dues:

A. According to the information and the explanations given to us, the Company is irregular in depositing undisputed statutory dues including provident fund, income-tax, goods and service tax, cess and other statutory dues as applicable with the appropriate authorities. However, there were no undisputed amounts payable in respect of, goods and service tax, cess and any other material statutory dues in arrears as at 31 March 2024 for a period of more than six months from the date they became payable.

B. According to the information and explanations given to us and the records of the Company examined by us, there are no dues of Goods and Service Tax and Cess which have not been deposited with the appropriate authorities on account of any dispute. The particulars of dues of Income Tax and indirect taxes prior of introduction of Goods and Services Tax Act, regime as at March 31, 2024 which have not been deposited on account of a dispute are as follows: (Amounts depicted are net off taxes paid under protest)

Name of the Statute	Nature of Dues	Amount (Rs In Millions)	Period	Forum where dispute is pending
Central Excise Act, 1944	Excise Duty	16.69	November 2011 to August 2016	CESTAT, Ahmedabad
		3.72	September 2016 to June, 2017
Gujarat Value Added Tax Act, 2003	VAT	25.88	2017-18	Gujarat High Court
Central Sales Tax Act, 1956	CST	18.33	2012-13	Addl. Comm of Commercial Tax Dept., Rajkot
		17.21	2013-14
		11.07	2015-16	Joint SGST Comm., Rajkot
		17.46	2016-17	Deputy SGST Comm., Rajkot
Central Sales Tax Act, 1956	CST	77.26	2017-18	Gujarat High Court
Income Tax Act, 1961	Income Tax	4 32	2017-18	Comm. of Inc. Tax (Appeals), NFAC
		24.26	2018-19
		171.37	2021-22

VIII. According to information and explanation given to us and the records of the Company examined by us, there are no transactions relating to previously unrecorded income that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961, that has not been recorded in the books of account.

IX.

A. According to the records of the Company examined by us and the information and explanations given to us, the Company has defaulted in repayment of loans and interest thereon during the year in the various instances which have are listed on the next page:

B. According to information and explanation given to us and on the basis of our audit procedures, we report that the Company has not been declared willful defaulter by any bank or financial institution or government or any government authority.

C. According to the information and explanation given to us and the records of the Company examined by us, term loans have been applied, on an overall basis for the purposes for which they were obtained.

D. According to information and explanation given to us and the procedures performed by us, and on an overall examination of the financial statements of the Company we report that no funds raised on short-term basis have, prima facie, been used during the year for long-term purposes by the Company.

E. According to information and explanation given to us and the procedures performed by us, we report that the Company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries.

F. According to information and explanation given to us and the procedures performed by us, we report that the Company has not raised loans during the year on the pledge of securities held in its subsidiaries, joint ventures or associate companies.

Nature of Borrowing	Name of Lender	Amount not Paid on Due Date	Whether Principal or Interest	Delay in No of Days
Covid Relief Term Loan	Bank of India	0.42	Both	26
Covid Relief Term Loan	Bank of India	0.39	Both	3
Covid Relief Term Loan	Bank of India	0.39	Both	18
Covid Relief Term Loan	Bank of India	2.55	Both	26
Covid Relief Term Loan	Bank of India	2.57	Both	3
Covid Relief Term Loan	Bank of India	2.54	Both	18
Covid Relief Term Loan	Bank of India	0.01	Both	8
Covid Relief Term Loan	Bank of India	0.03	Both	9
Covid Relief Term Loan	Bank of India	2.57	Both	10
Covid Relief Term Loan	Bank of India	0.00	Both	11
Covid Relief Term Loan	Bank of India	0.02	Both	13
Covid Relief Term Loan	Bank of India	0.09	Both	14
Covid Relief Term Loan	Bank of India	0.01	Both	15
Covid Relief Term Loan	Bank of India	0.00	Both	17
Covid Relief Term Loan	Bank of India	1.17	Both	26
Covid Relief Term Loan	Bank of India	3.93	Both	3
Covid Relief Term Loan	Bank of India	3.97	Both	18
Onward Lending Term Loan	EXIM	63.80	Both	29
Onward Lending Term Loan	EXIM	6490	Both	19
Onward Lending Term Loan	EXIM	75.50	Both	30
Covid Relief Term Loan	Puniab National Bank	0.33	Both	4
Covid Relief Term Loan	Punjab National Bank	0.32	Both	23
Covid Relief Term Loan	Punjab National Bank	0.33	Both	29
Covid Relief Term Loan	Punjab National Bank	0.32	Both	17
Covid Relief Term Loan	Punjab National Bank	2.30	Both	4
Covid Relief Term Loan	Punjab National Bank	2.28	Both	23
Covid Relief Term Loan	Punjab National Bank	2.29	Both	29
Covid Relief Term Loan	Punjab National Bank	2.28	Both	17
Term Loan	Punjab National Bank	1.23	Interest	4
Term Loan	Puniab National Bank	7.85	Both	23
Term Loan	Punjab National Bank	1.26	Interest	29
Term Loan	Punjab National Bank	1.19	Interest	17
Term Loan	Puniab National Bank	7.58	Both	2
Term Loan	Punjab National Bank	7.54	Both	1
Covid Relief Term Loan	Saurashtra Gramin Bank	0.79	Interest	27
Covid Relief Term Loan	Saurashtra Gramin Bank	0.77	Interest	25
Covid Relief Term Loan	Saurashtra Gramin Bank	0.79	Interest	29
Covid Relief Term Loan	Saurashtra Gramin Bank	0.79	Interest	18
Covid Relief Term Loan	Saurashtra Gramin Bank	0.77	Interest	29

X.

K. In our opinion, money raised by way of initial public offer during the year, have been, prima facie, applied by the Company for the purposes for which they were raised. However some portion of the amount raised, which remain unutilised during the year, have been invested in bank deposits as on March 31, 2024.

L. According to the information and explanation given to us, during the year, the Company has made preferential allotment (Refer Note 16 of the standalone financial statement) as well as made private placement of equity shares and compulsorily convertible preference shares (Refer Note 16 of the standalone financial statement). The requirements of section 42 & section 62 of the Companies Act, 2013 have been complied with in respect of aforesaid allotment of equity shares and compulsorily convertible preference shares.

Nature of securities viz. Equity shares/ Preference shares/ Convertible debentures	Type of issue (preferential allotment or private placement)	Amount Involved (? in Millions)	Nature of noncompliance
Equity Shares	Preferential Allotment	899.36	Not Applicable
Equity Shares	Private Placement	374.41	Not Applicable
Compulsorily Convertible Preference Shares	Private Placement	385.00	Not Applicable

XI.

L. Based on our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we report that no material fraud by the Company nor on the Company has been noticed or reported during the course of our audit.

M. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, a report under Section 143(12) of the Act, in Form ADT-4, as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 was not required to be filed with the Central Government. Accordingly, the reporting under clause 3(xi)(b) of the Order is not applicable to the Company.

N. As represented to us by the Management, there are no whistle-blower complaints received by the Company during the year.

XV. The Company is not a Nidhi Company. Accordingly, the provisions stated in paragraph 3(xii) (a) to (c) of the Order are not applicable to the Company.

XIII. According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with Sections 177 and 188 of the Act, where applicable and details of such transactions have been disclosed in the standalone financial statements as required by the applicable accounting standards.

XIV.

A. In our opinion and according to the information and explanation given to us, the Company has an adequate internal audit system commensurate with the size and the nature of its business.

B. We have considered the internal audit reports for the year under audit, issued to the Company during the year and till date, in determining the nature, timing and extent of our audit procedures.

XV. According to the information and explanations given to us, in our opinion, during the year the Company has not entered into non-cash transactions with directors or persons connected with its directors and hence, provisions of Section 192 of the Act are not applicable to Company.

XVI.

Q. In our opinion, the Company is not required to be registered under Section 45 IA of the Reserve Bank of India Act, 1934 and accordingly, the provisions stated in paragraph 3 (xvi)(a) of the Order are not applicable to the Company.

R. In our opinion, the Company is not required to be registered under Section 45 IA of the Reserve Bank of India Act, 1934 and accordingly, the provisions stated in paragraph 3 (xvi)(b) of the Order are not applicable to the Company.

S. The Company is not a Core investment Company (CIC) as defined in the regulations made by Reserve Bank of India. Hence, the reporting under paragraph 3 (xvi)(c) of the Order are not applicable to the Company.

T. The Group does not have any CIC as part of its group. Hence the provisions stated in paragraph 3 (xvi) (d) of the order are not applicable to the Company.

XVII. Based on the overall review of standalone financial statements, the Company has not incurred cash losses in the current financial year and in the immediately preceding financial year. Hence, the provisions stated in paragraph 3 (xvii) of the Order are not applicable to the Company.

XVIII. There has been no resignation of the statutory auditors during the year. Hence, the provisions stated in paragraph 3 (xviii) of the Order are not applicable to the Company.

XIX. According to the information and explanations given to us and on the basis of the financial ratios (refer note 42 to the standalone financial statements), ageing and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the standalone financial statements, our knowledge of the Board of Directors and management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report that Company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future viability of the Company. We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the Company as and when they fall due.

XX. As at balance sheet date, the Company does not have any amount remaining unspent under Section 135(5) of the Act. Accordingly, reporting under clause 3(xx) of the Order is not applicable.

XXI. The reporting under clause 3(xxi) of the Order is not applicable in respect of audit of standalone financial statements. Accordingly, no comment in respect of the said clause has been included in this report.

	For M/s G.K. Choksi & Co.
	Chartered Accountants
	(Firm Reg. No. 125442W)
Place: Rajkot	Himanshu C. Vora
Date: 18/05/2024	(Partner)
UDIN: 24103203BKAGMH8898	(Mem. No. 103203)